Alphabet, the parent company of Google, beat Wall Street’s profit and revenue expectations as artificial intelligence technology continues to drives growth in cloud computing sales and search engine advertising.
Sundar Pichai, Alphabet’s chief executive, hailed the “extraordinary” momentum across the business as the company reported a 33.6 per cent increase in third-quarter net profit to $26.3 billion, outpacing Wall Street estimates of $22.9 billion.
Revenue rose 15 per cent to $88.3 billion, ahead of consensus analyst estimates of $86.4 billion. Alphabet’s shares rose $11.20, or 6.6 per cent, to $182.30 in after-hours trading.
Pichai said: “Our commitment to innovation, as well as our long-term focus and investment in AI, are paying off with consumers and partners benefiting from our AI tools.” The company is the